banner_ad

Interest expense claimed or not

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
25 September 2014 Dear sir,
late payment of vat, service tax ( interest paid) can the firm claim those interest considered as expense as per the income tax act
Profile Image

CS,CA F,Numrologi TusharSampat

Profile Image

CS,CA F,Numrologi TusharSampat (Expert)
25 September 2014 no since they are in nature of payments for ur faults...disallowed.
Profile Image

Nikhil Kaushik

Profile Image

Nikhil Kaushik (Expert)
26 September 2014 they are allowed...interest being compensatory in nature is allowed as an expense. But penalties are not. there are several case laws in favor of assesses in this regard. you may refer https://www.caclubindia.com/experts/interest-on-late-payment-of-statutary-dues-40936.asp#.VCRnllcfgh4
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details